An increasing number of Canadians are choosing to invest in vacation properties, whether it be for relaxation, building wealth, or creating memorable family moments. These properties are becoming more accessible with the availability of mortgages at low rates, even for non-winterized or remote locations. Whether you're looking for a lake cottage or a housing option for college, there are various mortgage options to suit your needs. It's important to note that there are different lending criteria for second or third homes compared to primary residences. Depending on the type of vacation or secondary home, the down payment requirements may range from a minimum of 5% or 10% to 20% or higher. Different types of cottages also have different down payment requirements and receive different interest rates. The availability of mortgage options depends on whether the property is categorized as year-round accessible or seasonal. If you need assistance with incorporating down payments, there are innovative tools available in Canada such as mortgage refinancing, HELOC, or reverse mortgages. For more information and a quick mortgage pre-approval process, reach out to discuss your options.